Democratic senator and former U.S. presidential candidate Elizabeth Warren once again warned against the country’s current cryptocurrency regulatory environment.
According to Reuters, Senator Warren written Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), asked for answers on the scope of the SEC’s consumer protection encryption regulation.
In a statement issued by Senator Warren, the Chairman of the Economic Policy Subcommittee expressed regret for the lack of protection for crypto investors against the activities of rogue actors, adding:
“These regulatory gaps endanger consumers and investors, and undermine the security of our financial markets. The Securities and Exchange Commission must make full use of its power to deal with these risks, and Congress must step up to close these regulatory gaps.”
According to Reuters, Senator Warren, in a letter to Gensler, asked the chairman of the US Securities and Exchange Commission to determine whether cryptocurrency exchanges are undermining the committee’s goal of ensuring a fair investment market environment.
According to reports, SEC Chairman Gensler must respond to Senator Warren’s inquiries before July 28.
As previously reported by Cointelegraph, Senator Warren is a well-known crypto critic who described virtual currencies as “False private funds.”
Several government officials, including U.S. Treasury Secretary Janet Yellen, also bluntly criticized cryptocurrencies.